updated 10/17/2006 7:38:50 AM ET 2006-10-17T11:38:50

Industrial conglomerate United Technologies Corp., which owns elevator maker Otis, engine control maker Hamilton Sundstrand and Sikorsky helicopters, said Tuesday that third-quarter earnings rose 21 percent and raised its forecast for the full year.

Net income climbed to $996 million, or 99 cents per share, for the three months ended Sept. 30 from $821 million, or 81 cents per share, a year ago.

Revenue increased 12 percent to $12.16 billion from $10.91 billion last year.

The results beat analysts’ estimates for profit of 96 cents per share on sales of $11.92 billion, according to a poll by Thomson Financial.

“Commercial aerospace volumes and margins were up significantly at Pratt and Hamilton Sundstrand, along with solid profit growth at UTC Fire & Security and Otis. These gains more than offset weaker market conditions in two of Carrier’s businesses and production challenges at Sikorsky on materially higher volumes,” said UTC Chairman and Chief Executive Officer George David.

The company raised full-year earnings guidance to between $3.65 and $3.69 per share, up 17 percent to 18 percent from 2005 results, excluding accounting changes. Previously, the company forecast 2006 profit of $3.55 to $3.65 per share.

Analysts expect 2006 earnings of $3.66 per share, on average.

“We’ll be reviewing our 2007 outlook at our usual December investor meeting and will be looking closely at market developments in Carrier’s North American residential and container refrigeration businesses in the interim. Both are important contributors to Carrier’s results overall and both markets turned down in the third quarter. However, we still anticipate another solid growth year across UTC in 2007,” David added.

The company said quarterly share repurchases totaled $580 million, on track with guidance of $2 billion for the year.

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